US Firm to Buy Ulster Bank Hotel Portfolio
Ulster Bank will sell its Project Coney portfolio of hotels, pubs, commercial and residential properties to a US investor.
Sankaty Advisers, an affiliate of investment group Bain Capital, will buy the portfolio for what is expected to be a cut price on the €465 million on loans connected to the properties.
Bain Capital, founded in 1984, is a giant asset management firm co-founded by former US presidential candidate Mitt Romney. Sankaty Advsiors back an Irish-based affiliate, Broadhaven Credit Partners, located in Dublin.
According to the Irish Times, Project Coney comprises of some 36 hotels, 66 pubs, 23 commercial units, 49 residential units, 56 development and agricultural sites, and a nursing home.
Among the more notable assets in the sale are the five-star Monart hotel and spa in Wexford, the Radisson in Athlone (pictured) and Hotel Kilkenny.
Some popular pubs are also part of the portfolio, including Vaughan's and Brady's in Terenure, House nightclub on Leeson Street and Toners on Baggot Street, all in Dublin.
The market value of the properties is estimated at €187 million and an overdraft of €14 million is also included.